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Worth noting German factory orders continue to eat dirt at -2.7%a -1.5%e, yet we did have upward revisions on the previous number.

Risk-on in equities continues with +1.3% on SPX to 2976, early doors Asia but we are +20 to 25bp on US equity futures – suggesting a strong positive open for the region.

We also saw a continued lift up in yields, this time a little more significant as we got back above that 1.50% lvls on UST, and are now sitting at c. 1.56% with bunds & JGBs also wider at c. -59bp & -25bp.

On the currencies side of things, the big movers were in Cable +66bp to 1.2323 (given Bojo’s initiatives falling apart) & DollarYen +52bp to 107.03. With the likes of AUDJPY & NZDJPY doing quite well at over +70bp apiece.

Next wk will have a GDP & Inflation theme in regards to data points coming through, yet real focus will be all about ECB on Thu – with the market expecting a reduction in the rate to -50bp from -40bp & further ‘stimulative’ measures

US/CH is always a constant risk – yet if Trump stays put, given China has indicated that they are willing to go to the US in Oct, it could make for calmer waters… as we could potentially be in a risk on pocket – which is likely to be tested on Sep 18 Fed date

In addition to ECB, we will also have rate decisions out of Turkey 17.13%e 19.75%p & Malaysia 3.0%e/p

Also worth noting China will be out on next Friday for Mid-autumn festival

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